TNR are not an AFSL holder, so they legally cannot issue the securities or deal in a financial product.
"Pretty easy to canvas the top 20-40 shareholders (and their mates/associates) directly and just get the deal done....."
this is true, however, now you're aware of the AFSL requirement (broker), this helps answer another one of your questions from earlier in the thread which went somewhat like, "why offer to sophs only and not retail holders?"
Why make 500+ phone calls when you can make 5 calls for the same result?
In addition, Prospectus' and Disclosure documents are very expensive to produce as they require a lot of legal work (aka, billable hours).
In contrast, a wholesale offering is as simple as a producing a term sheet.
TNR are not an AFSL holder, so they legally cannot issue the...
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